SEPA Credit Transfer
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Standard EPC SEPA euro bank transfer.
Definition
SCT mandates credit by D+1 at latest ; IBAN + BIC submission (BIC replaced by IBAN-only since 2016 in SEPA zone). 36 SEPA countries. ISO 20022 migration fully effective in 2014. Successor Instant scheme SCT Inst (2017).
Origin
Scheme adopted by EPC in 2008 ; legacy national-format migration extended to 2014.
Example in context
A French customer transfers EUR 1000 to a German account via SCT — credited within 24h.
Related terms
- SEPA Direct Debit — twin scheme.